Listed property developer Sansiri has joined hands with the Government Savings Bank (GSB) to launch HomeForLife, a mortgage product that offers consumers home ownership and retirement financing plans in one combined package.
The new home loan, offered on the unique proposition of getting approved more easily, paying lower monthly instalments and receiving monthly retirement income, has been developed to capture the real needs of smart consumers who wish to plan for financial security throughout their lives, Sansiri chief financial officer Wanchak Buranasiri said after signing an agreement with the GSB on Monday.
The company expects the new product to result in 50 per cent more Sansiri customers applying for a loan from the state-owned bank, he added.
Sansiri realises the growing trend of financial planning for long-term security among consumers, Wanchak said.
In Thailand, long-term financial planning has been a growing consumer trend during recent years.
According to the Foundation of Thai Gerontology Research and Development Institute, up to 55 per cent of Thais aged 25 to 55 are increasingly taking serious steps in retirement financing plan.
GSB’s president and chief executive officer Chatchai Payuhanaveechai said HomeForLife represented a new financial innovation jointly developed for the first time by a real-estate developer and a financial institution based on insight into smart consumers who are keen about financial planning.
“We believe that this financial innovation will become a new alternative and important tool to help today’s working people make long-term financial planning efficiently. GSB can also approve loans more easily with secure equity, as well as promote reverse mortgages and other loan products to wider target consumers,” the bank’s chief added.